50% haircut. The BCBS and U.S. version treats equities in a similar manner, but corporate debt under the BCBS version is split between 2A and 2B based on public credit ratings, unlike the U.S. proposal. This treatment of corporate debt securities is the direct impact of the Dodd–Frank Act's Section 939, which removed references to credit ratings, and further evidences the conservative bias of U.S. regulators' approach to the LCR. The proposal requires that the LCR be at least equal to or greater than 1.0 and includes a multiyear transition period that would require: 80% compliance starting 1 January 2015, 90% compliance starting 1 January 2016, and 100% compliance starting 1 January 2017. Lastly, the proposal requires both sets of firms (large bank holding companies and regional firms) subject to the LCR requirements to submit remediation plans to U.S. regulators to address what actions would be taken if the LCR falls below 100% for three or more consecutive days. Counterparty risk: CCPs and SA-CCR A new framework for exposures to CCPs was introduced in 2017. The standardised approach for counterparty credit risk (SA-CCR), which replaced the Current Exposure Method, became effective in 2017. SA-CCR is used to measure the potential future exposure of derivative transactions in the leverage exposure measure and non-modelled Risk Weighted Asset calculations. Equity investments Capital requirements for equity investments in funds were introduced in 2017. Large exposures A framework for limiting large exposure to external and internal counterparties was implemented in 2018. Securitisations A revised securitisation framework was introduced, which took effect in 2018. Banking Book New rules for interest rate risk in the banking book became effective in 2018. Market risk: FRTB Following a Fundamental Review of the Trading Book, minimum capital requirements for market risk in the trading book will be based on a better calibrated standardised approach or internal model approval (IMA) for an expected shortfall measure rather than, under Basel II, value at risk. The Basel Committee's oversight body, the Group of Central Bank Governors and Heads of Supervision (GHOS), announced in December 2017 that the implementation date of these reforms, which were originally set to be effective in 2019, was delayed to 1 January 2022. In March 2020, the implementation date was delayed to 1 January 2023. Basel 3.1: Finalising post-crisis reforms The Basel 3.1 standards published in 2017 cover further reforms in six areas: standardised approach for credit risk (SA-CR);